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Jul 27, 2011
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s&p or fitch will move to downgrade the rating. one agency has already done just that. sean egan of the lesser known eagan-jones sat down with our maggie lake. >> reporter: in an industry dominated by three global players, standard & poor's, moody's and fitch, sean egan stands apart. the co-founder has battled the primacy and cloud of the big three for years, crediting with making gutsy calls well before the come decision. after his downgrade of u.s. debt one week ago, he finds himself in the spotlight as never before. >> sean, you already lowered the rating on u.s. debt. why? >> eagan-jones did because of our concern about the relatively high level of debt to gdp. that's a primary measure for the credit quality of countries. >> it doesn't matter whether they get a deal on the debt ceiling. >> it's almost secondary. that is secondary. it's akin to your forgetting the pay the mortgage payment before you go on vacation. it doesn't affect your ability to pay. the issue of a slight delinquency is far less important to us than the overa
s&p or fitch will move to downgrade the rating. one agency has already done just that. sean egan of the lesser known eagan-jones sat down with our maggie lake. >> reporter: in an industry dominated by three global players, standard & poor's, moody's and fitch, sean egan stands apart. the co-founder has battled the primacy and cloud of the big three for years, crediting with making gutsy calls well before the come decision. after his downgrade of u.s. debt one week ago, he finds...
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Jul 31, 2011
07/11
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do you agree and do you think there's a downgrade coming -- >> eventually there's a -- moody s and standard and poor's this country has outstanding debt, in addition however, we've got about $60 trillion worth of liabilities. i call this, ali, a dead man walking -- debt man walking. you're a debt man walking. i'm a debt man walking. we all are. basically what that means is instead of a piece of paper at 10 to $12 trillion and counting, we have liabilities going forward for medicare and medicaid and social security, total about $60 trillion. in combination we have a $70 tr trillion debt, puts us in the category of the worst countries in the world in terms of total debt. >> i wish we had certainty on whether or not there is a deal and whether or not we're going to get a downgrade. even if we get past the next few days, how does the u.s. avoid paying more interest. i'll ask my guests when we come back. you're watching a special edition of "your money" when we come back on cnn. [ female announcer ] what if your natural beauty could be flawless too? discover aveeno positively radiant tinted mois
do you agree and do you think there's a downgrade coming -- >> eventually there's a -- moody s and standard and poor's this country has outstanding debt, in addition however, we've got about $60 trillion worth of liabilities. i call this, ali, a dead man walking -- debt man walking. you're a debt man walking. i'm a debt man walking. we all are. basically what that means is instead of a piece of paper at 10 to $12 trillion and counting, we have liabilities going forward for medicare and...
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Jul 27, 2011
07/11
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you have s&p, moody's and fitch. fitch has been relatively silent, but both s&p and moody's have said it's entirely likely 245 they will downgrade the u.s. credit rating. the u.s. has had aaa rating since 1917. now, these rating agencies are important because what they assign your debt determines how much interest you pay on your money. those countries that are the lowest risk or companies that are the lowest risk pay the lowest interest, they have the highest credit rating. so it's important to know what they do because if they do downgrade you, there's a chance, it's not entirely sure, but there's a chance that the u.s. will then pay more to borrow and other people will look at other places to invest their money. >> and speaking of investors, the concerns over a possible ratings downgrade has weighed on wall street in recent days and sxh l. some experts say that the markets will take a huge hit if the downgrade actually happens. >>> deals on paper are one thing. actual votes are quite another. and the question isn'
you have s&p, moody's and fitch. fitch has been relatively silent, but both s&p and moody's have said it's entirely likely 245 they will downgrade the u.s. credit rating. the u.s. has had aaa rating since 1917. now, these rating agencies are important because what they assign your debt determines how much interest you pay on your money. those countries that are the lowest risk or companies that are the lowest risk pay the lowest interest, they have the highest credit rating. so it's...
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Jul 13, 2011
07/11
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, s&p, fitch, they're all out there going to say, there's a very real danger, growing danger they will downgrade america's credit ratings. >> the stakes would be enormous. david, thanks very much. we'll continue this tomorrow. i want our viewers to check out my blog at cnn.com/situationroom. i write about what the stakes are of failure. failure cannot be an option right now. all of us would be enormously affected. >>> simply for going to church, frightening reality for so many christians in china. we have a rare inside look at an underground service in beijing. that's coming up next. >>> china's crackdown on christians isn't letting up. we got access to an underground church service in beijing. >> reporter: these christians in beijing asked us not to show their faces. they're worshipping on a sunday just like so many others around the world, but what they're doing is against the law here. >> it's really difficult to get access to these informal churches because they're not approved by the government. these people have been kind enough to let us film here, but they're taking a really bi
, s&p, fitch, they're all out there going to say, there's a very real danger, growing danger they will downgrade america's credit ratings. >> the stakes would be enormous. david, thanks very much. we'll continue this tomorrow. i want our viewers to check out my blog at cnn.com/situationroom. i write about what the stakes are of failure. failure cannot be an option right now. all of us would be enormously affected. >>> simply for going to church, frightening reality for so...
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Jul 30, 2011
07/11
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it's not likely to happen on the weekend but that could happen at any point from moody's or s & p. a downgrade they might give us now because we're not handling things properly is a downgrade from trfrom aaa perfect. if we don't make any more payments that's a much serious issue. that doesn't drop you one notch but several notches. then interest rates go up. credit cards, mortgage rates, auto loan rates. you mentioned august 3rd, that big social security payment? according to many republicans, unless we default on an actual debt we don't have to get our debt downgraded. according to s & p and ben bernanke, if you default on any payment you're supposed to make, even if it's not to a bond holder you could face that. >> republicans who say, look, i don't buy it's this big catastrophe waiting to hit after august 2nd. >> reporter: they absolutely could be right. but anderson, you and i were together on september 15, 2008 after they decided a lot of smart people decided to let lehman brothers fail thinking it's not that big of a deal. i don't know which way it's going to go. i don't know
it's not likely to happen on the weekend but that could happen at any point from moody's or s & p. a downgrade they might give us now because we're not handling things properly is a downgrade from trfrom aaa perfect. if we don't make any more payments that's a much serious issue. that doesn't drop you one notch but several notches. then interest rates go up. credit cards, mortgage rates, auto loan rates. you mentioned august 3rd, that big social security payment? according to many...
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Jul 7, 2011
07/11
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fitch, moody's, s&p, have become bad words. they are coming under increasing scrutiny in europe. the european commission president has condemned a decision by moody's to downgrade portugal's credit rating. the german finance minister has said that he would like to "break the power of rating agencies and limit their influence." recent ratings have put a lien european countries like portugal under pressure. portuguese treasuries went on sale and they reached their highest yields ever. >> the government is outraged by the downgrading. the portuguese bonds have jumped started even though the government recently introduced drastic austerity measures. moody's is concerned that portugal will need a second bailout despite spending cuts and this has angered the finance minister. >> the reasoning behind this assessment is very hard to understand and even more so that it has come at this particular time. >> portugal's government says they are just getting to grips with the crisis. some economists support that view. >> things are progressing relatively well with the national budget. the defi
fitch, moody's, s&p, have become bad words. they are coming under increasing scrutiny in europe. the european commission president has condemned a decision by moody's to downgrade portugal's credit rating. the german finance minister has said that he would like to "break the power of rating agencies and limit their influence." recent ratings have put a lien european countries like portugal under pressure. portuguese treasuries went on sale and they reached their highest yields...
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Jul 31, 2011
07/11
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the fact of the matter is that when moody's and s&p 500 and the other credit scoring agen'ses a tlenting to downgrade the credit rating, it's not because of the threat of default on the amount -- the debt that we owe. it's because the amount of debt that we have, the size of our debt. and so that's what's been lost in this. and so you can raise the debt ceiling -- let me finish. you can raise the debt ceiling right now and, you know, you can cut a little spending here and there. but the thing is, this congress cannot bind future congresses. so if this congress right now were to cut -- >> i want to talk to you. i understand. i get your point. want to get to a lot of topics. i think that because of washington and because of the strategy in this from the right, from the republicans and the tea party saying they won't do -- extend the debt ceiling. so you don't think washington tied this? because we're here in the media and only reporting what's happening in washington. >> no. i mean, it is washington -- look, the whole reason we're in this, you know, i've been getting crucified this past we
the fact of the matter is that when moody's and s&p 500 and the other credit scoring agen'ses a tlenting to downgrade the credit rating, it's not because of the threat of default on the amount -- the debt that we owe. it's because the amount of debt that we have, the size of our debt. and so that's what's been lost in this. and so you can raise the debt ceiling -- let me finish. you can raise the debt ceiling right now and, you know, you can cut a little spending here and there. but the...
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s. and p. has tricked or financial terrorists and they are purposefully targeting these countries for destruction because they want their assets for nothing well portugal's new premier pedro passos coelho said moody's downgraded was a punch in the stomach at a time when the new government has done everything demanded by the e.u. and i.m.f. inspectors well that's part of a racket moody's a publicly traded company warren buffet's when the biggest shareholder they manipulate that stock.
s. and p. has tricked or financial terrorists and they are purposefully targeting these countries for destruction because they want their assets for nothing well portugal's new premier pedro passos coelho said moody's downgraded was a punch in the stomach at a time when the new government has done everything demanded by the e.u. and i.m.f. inspectors well that's part of a racket moody's a publicly traded company warren buffet's when the biggest shareholder they manipulate that stock.
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Jul 28, 2011
07/11
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one thing we should talk about, he said we are not certain moody's and s&p will not downgrade us even if we don't default. two very different situations. he is right. entirely likely the u.s. could get downgraded. getting downgraded the way they are saying they may downgrade us takes us out of our aaa credit rating. if you default you drop way down here. very, very different case. we may get downgraded from here to here if we default we can go downgraded from here to here. >> when you talk to congressman gingrey and bachmann, we don't default if -- >> chairman of the federal reserve board disagrees with them. standard & poors disagrees. moody's takes that view. you only default on who you default to. if you don't pay social security that's not a default. >> nightmare scenario. it is not necessarily default. >> it is important to realize that there are differences, lots of grades for -- still ahead, why russia plans to sink the international space station into the pacific ocean. >> also, is this photo of julia roberts misleading? >> no! >> air bush -- >> it has been banned in britain.
one thing we should talk about, he said we are not certain moody's and s&p will not downgrade us even if we don't default. two very different situations. he is right. entirely likely the u.s. could get downgraded. getting downgraded the way they are saying they may downgrade us takes us out of our aaa credit rating. if you default you drop way down here. very, very different case. we may get downgraded from here to here if we default we can go downgraded from here to here. >> when you...
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s. . our programs continue next on r.t. financial guru most kinds of names and shames who he thinks is behind the world's financial turmoil and he's got something to do with the fridge a kaiser report is on the. max kaiser this is the cause or report let's get all the details from stacey or tax europe declares war on rating agencies of course the policymakers from europe and across the world have denounced moody's drastic downgrade of portuguese debt as an act of financial vandalism accusing the anglo-saxon reading agencies of driving states into bankruptcy and destabilizing the global system yeah that's right they call it financial vandalism she they're upping the rhetoric and we we've been talking about financial terrorism for months and months and months now they're upping their rhetoric they're going to get to the point now where they realize that this is in fact not vandalism which is a quaint way of saying terrorism they didn't accuse asylum bin laden of vandalism on nine eleven ze
s. . our programs continue next on r.t. financial guru most kinds of names and shames who he thinks is behind the world's financial turmoil and he's got something to do with the fridge a kaiser report is on the. max kaiser this is the cause or report let's get all the details from stacey or tax europe declares war on rating agencies of course the policymakers from europe and across the world have denounced moody's drastic downgrade of portuguese debt as an act of financial vandalism accusing...
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s. and p. of which are financial terrace and they are purposely targeting these countries for destruction because they want their assets for nothing well portugal's new premier a page or a process said moody's downgraded was a punch in the stomach at a time when the new government has done everything demanded by the e.u. and i.m.f. inspectors well that's part of a racket moody's a publicly traded company warren buffett one of biggest shareholders they manipulate that stock price they manipulate their ratings they telegraph what the regs are going to be before they make them so insiders can profit from the inside information inside information is legal in washington they are lining their pockets they're disenfranchising the people live in these countries or look at austerity measures imposed upon them for things they never did and that's the never occurred and this is continuing unabated because nobody stepping in to represent the interest of the people the government like proper joy in g
s. and p. of which are financial terrace and they are purposely targeting these countries for destruction because they want their assets for nothing well portugal's new premier a page or a process said moody's downgraded was a punch in the stomach at a time when the new government has done everything demanded by the e.u. and i.m.f. inspectors well that's part of a racket moody's a publicly traded company warren buffett one of biggest shareholders they manipulate that stock price they manipulate...
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s. government we can all live to all these laura and i think outside the court building for us and laura so as to what has been happening in the courtroom so far bring us up to date. well not so much has hired an entirely new legal team for this appeal he's got the old old lot and he's got people who are much more have much more experience in criminal law and what they've done is taken a more conciliatory towards the courts and towards the charges that have been have been made and they're much more concerned with the ins and outs of lauren specifically the european arrest warrant which allows people to be extradited within the european union they are arguing that the european arrest warrant enough case is invalid because it essentially discrepancies between. the allegations made and the testimonies of the two alleged victims there are four charges and they range between on lawful coercion to sexual assaults right down to rape and what the legal taint team is saying is that there is nothi
s. government we can all live to all these laura and i think outside the court building for us and laura so as to what has been happening in the courtroom so far bring us up to date. well not so much has hired an entirely new legal team for this appeal he's got the old old lot and he's got people who are much more have much more experience in criminal law and what they've done is taken a more conciliatory towards the courts and towards the charges that have been have been made and they're much...
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the nasdaq and the s&p 500 gained ground. financial shares bucked the trend and ended lower across the board, after moody's expressed concern about european banks. a rating on the service sector showed a slowdown of expansion in june. wall street watches the report more closely than it once did, since the service sector accounts for 80% of all jobs in the u.s. >>> more data due out thursday. investors will get the latest read on weekly jobless claims. economists expect the sector to have added 60,000 positions in june. that's a wrap of the day on wall street. i'm allison kosik in new york. >>> still ahead, bogus bank notes in hong kong. >>> and the harry potter series may be drawing to a close. but the spell is far from broken. welcome. i understand you need a little help with your mortgage, want to avoid foreclosure. smart move. candy? um-- well, you know, you're in luck. we're experts in this sort of thing, mortgage rigamarole, whatnot. r-really? absolutely, and we guarantee results, you know, for a small fee, of course. su
the nasdaq and the s&p 500 gained ground. financial shares bucked the trend and ended lower across the board, after moody's expressed concern about european banks. a rating on the service sector showed a slowdown of expansion in june. wall street watches the report more closely than it once did, since the service sector accounts for 80% of all jobs in the u.s. >>> more data due out thursday. investors will get the latest read on weekly jobless claims. economists expect the sector...
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Jul 26, 2011
07/11
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>> i want to introduce another term here, the downgrade, by moody's or s&p that has been threatened. that might come regardless of whether or not we defall. there's a great article right now by my friend charles riley on cnnmoney.com. if the u.s. is downgraded, that could increase the cost of get not for u.s. government but the cost for borrowing for major u.s. companies and states and municipalities. obviously with states and municipalities we know they are running short of money. that could affect the services you get. that's on the service side of things. the companies, if you have a company that borrows money and their cost of borrowing increases, they might have to cut the amount that they borrow. the way they do that is by cutting jobs. you may see job cuts, a pullback in the stock price. there's an idea the stock market may respond very negatively to the failure to get a debt deal. so there are a lot of things that can happen. we're in uncharted territory. we're not sure what the reaction will be. right now if you look at the stock market there's some sense the markets are tak
>> i want to introduce another term here, the downgrade, by moody's or s&p that has been threatened. that might come regardless of whether or not we defall. there's a great article right now by my friend charles riley on cnnmoney.com. if the u.s. is downgraded, that could increase the cost of get not for u.s. government but the cost for borrowing for major u.s. companies and states and municipalities. obviously with states and municipalities we know they are running short of money....
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that after moody's warned of a downgrade for the sector. we did have elsewhere a bit further south the s&p asx 200 inching up one-sixth of a percent. the other two were down on the day. there wasn't much to write home about on wall street for tuesday either. u.s. stocks ended the session with little change. investors have one eye on friday's u.s. monthly jobs report and the other fixed on the debt crisis unfolding in europe. despite the low key session, though, still one company on the move, we're talking about shares of netflix. that jumped by 8%. all this came after the company unveiled plans to take the online video streaming service beyond the north america space to a global audience. as you can probably see from the chart we are showing you before, we did have the nasdaq up. the other two down. now from mail service to dvd rental to web based video on demand and online subscription service netflix we were just talking about started life in the united states. it went abroad to canada last year. now netflix plans to launch in 43 countrie
that after moody's warned of a downgrade for the sector. we did have elsewhere a bit further south the s&p asx 200 inching up one-sixth of a percent. the other two were down on the day. there wasn't much to write home about on wall street for tuesday either. u.s. stocks ended the session with little change. investors have one eye on friday's u.s. monthly jobs report and the other fixed on the debt crisis unfolding in europe. despite the low key session, though, still one company on the...
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s.s. feed now in the palm of your. question. can you. please. welcome back to cross talk i'm peter lavelle remind you we're discussing the world of rupert murdoch. and. tony feingold to you i think we all agree good journalism is good for society but what is good journalism today because if we look at the business model this is what we discuss in the during this entire program i mean it's profits that are most important and and traditional media has a very hard time in this environment i mean we all know poor journalists ok i mean is the public good being served by the business model in journalism today. well peter it's interesting because the idea of responsibility in media is pretty much a twentieth century concept when our founder started the idea was a absolutely open robust stridently partisan press that was full of lies full of innuendo and full of all sorts of false information and that in that sense it seems to me that we're just revolving back to that concept where we've got mor
s.s. feed now in the palm of your. question. can you. please. welcome back to cross talk i'm peter lavelle remind you we're discussing the world of rupert murdoch. and. tony feingold to you i think we all agree good journalism is good for society but what is good journalism today because if we look at the business model this is what we discuss in the during this entire program i mean it's profits that are most important and and traditional media has a very hard time in this environment i mean...
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Jul 27, 2011
07/11
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p, moody's fitch, they look at the totality of debt, what the country is doing about it, the monetary policy, the taxation policy, the economic agenda. and they determine, is there a credible plan and a realistic plan to bring down the debt and stabilize the finances. if they believe that that isn't the case, then again the aaa goes. one of the reasons, wolf, britain has embarked on this draconian austerity, they believed the market was going to blow up uk bonds. it was warned it was on a negative. the u.s. has been warned it's on a negative watch. and it hasn't managed to put together this deal yet to actually avoid default. so you've got to ask yourself, maybe the rating agencies are doing their job in actually warning that something is smelly under the hood. >> richard, how does the rest of the world see what's happening in the united states right now. you're in london. >> which word would you like many eto use? flabber gasterred, bewildered, horrified, alarmed, concerned? any one of them will do. what people are saying at the very top level, and they will not say it publicly yet,
p, moody's fitch, they look at the totality of debt, what the country is doing about it, the monetary policy, the taxation policy, the economic agenda. and they determine, is there a credible plan and a realistic plan to bring down the debt and stabilize the finances. if they believe that that isn't the case, then again the aaa goes. one of the reasons, wolf, britain has embarked on this draconian austerity, they believed the market was going to blow up uk bonds. it was warned it was on a...
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Jul 11, 2011
07/11
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the rating agency, standard & poor's first out of the box but moody's as well, have all warned. but s&p clearly, if the united states doesn't come up with a credible plan before 2013, before the elections of next year for the long-term solution to debt problems there is a one in three chance that s&p will downgrade our credit rating. we haven't seen it since the first world war. i don't think we'll go into default but if we don't have a credible long-term plan soon we run the risk of a credit rating being downgraded. >> all right. thank you very much. we are going to bring you back in a bit to talk about this marriage pledge that a conservative group is pushing which originally included incendiary language about slavery, of all things. >>> remember when osama bin laden was found and killed in pakistan? the united states government and lots of americans suspicious that the pakistani government knew he was there the entire time. today, payback. the checkbook is closed. >>> also, a fan falls to his death while trying to catch a baseball. his young son watches it happen. tonight, ne
the rating agency, standard & poor's first out of the box but moody's as well, have all warned. but s&p clearly, if the united states doesn't come up with a credible plan before 2013, before the elections of next year for the long-term solution to debt problems there is a one in three chance that s&p will downgrade our credit rating. we haven't seen it since the first world war. i don't think we'll go into default but if we don't have a credible long-term plan soon we run the risk...
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Jul 27, 2011
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. >> the decision made by s&p and moody's and fitch and said they'll do it. we'll have to see what happens. >>> later this morning joined by the assisting managing editor at cnn money, asking him come of these questions about a downgrade and the impact it could have for you and your family. >>> the all mighty u.s. dollar has always been a safe haven, not the case anymore. investors around the world looking for more stable currencies right now. >> nina dos santos joins us. >> looking at the u.s. dollar for the reaction about the uncertainty on the debt ceiling, even if you're not seeing stock markets move, watch it in commodities and the dollar. >> obviously the dollar has been on a downward trajectory in the best part of the last year, down against the major peers since june 2010. it's fallen about 17%. that gives you an idea of how much this once safe currency has been grabbed by the jitters in the market. obviously as talk of a potential technical default by the united states continues to intensify, what we've got is a lot of people heading for the hills, h
. >> the decision made by s&p and moody's and fitch and said they'll do it. we'll have to see what happens. >>> later this morning joined by the assisting managing editor at cnn money, asking him come of these questions about a downgrade and the impact it could have for you and your family. >>> the all mighty u.s. dollar has always been a safe haven, not the case anymore. investors around the world looking for more stable currencies right now. >> nina dos...
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Jul 27, 2011
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the rating agencies, the big three are s&p, standard & poor's, and moody's and touch, and then they give a debt that affects the borrow wur's ability to pay back the underlying loans. the safest debts are aaa rated. it's been that way for the u.s. debt since 1917 when moody's assigned that aaa rating to the u.s. 18 other countries as well have the aaa ratings. why do these credit rating agencies matter? well, investors around the world listen to them and listen carefully. they look at them to judge where they will get the best return on their investment. for governments the ratings agencies have power over the interest rates they can send in bonds to investors. if you are a government like the u.s. trying to raise money you want to pay the lowest amount of interest to borrow that money. so who pays the agencies? agencies are paid by the borrow wur, or from subscribers that received the ratings and want to know how their potential investments can fair, and standard & poor's tells cnn the sovereign u.s. debt rating is unsolicited it, and the u.s. does not pay for its rating. christine roma
the rating agencies, the big three are s&p, standard & poor's, and moody's and touch, and then they give a debt that affects the borrow wur's ability to pay back the underlying loans. the safest debts are aaa rated. it's been that way for the u.s. debt since 1917 when moody's assigned that aaa rating to the u.s. 18 other countries as well have the aaa ratings. why do these credit rating agencies matter? well, investors around the world listen to them and listen carefully. they look at...
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Jul 13, 2011
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the s&p 500 fell 21. stocks erased earlier gains after moody's slashed ireland's credit rating to junk in the afternoon. uncertainty over debt problems in europe has investors on edge this morning. all eyes on italy as top lawmakers there go head to head over budget cuts to ease euro zone concerns. the extent of u.s. exposure to debt problems in european countries remains unclear. >>> federal reserve chairman ben bernanke is in for a grilling on capitol hill. the nation's debt ceiling, european debt fears and the future of the u.s. economy al fair game from questions from house financial services committee members. that testimony begins at 10:00 a.m. eastern time. >>> investors rushing to gold on fears of a weak dollar, after the fed released details from a meeting last month saying that central bank could be open to providing further stimulus. gold futures climbed nearly 1.1% to a record $1,562 an ounce. >>> netflix hiking prices by 60% for subscribers who want to keel the mail and streaming options. >>>
the s&p 500 fell 21. stocks erased earlier gains after moody's slashed ireland's credit rating to junk in the afternoon. uncertainty over debt problems in europe has investors on edge this morning. all eyes on italy as top lawmakers there go head to head over budget cuts to ease euro zone concerns. the extent of u.s. exposure to debt problems in european countries remains unclear. >>> federal reserve chairman ben bernanke is in for a grilling on capitol hill. the nation's debt...
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Jul 23, 2011
07/11
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, s & p the opinion of the rating agencies and focusing on not so much the debt ceiling, but the debt itself and got many questioning, kelly, whether u.s. debt continues to be a good investment even if the compromise on the debt ceiling and potential default can be reached. i mean, many are saying, essentially, i want to be out of the u.s. i want to buy gold, i want to buy foreign currency and foreign stocks that are going to hold up better in the event this impasse can't be resolved. >> kelly: jonathan, if the congressional acrimony continues, if we don't get a bottom line agreement or compromise on this, what does it mean for your 401(k) and what president obama calls the working stiff, the average american who continues to work every day and even for those unemployed? >> unfortunately, i think in my opinion, kelly it does them a great disservice, as the president talks about the corporate jet owners somehow harming wall street. keep in mind, excuse me, somehow hurting the average joe, those are very much the individuals who do the hiring, who do the expanding, who grow the economy.
, s & p the opinion of the rating agencies and focusing on not so much the debt ceiling, but the debt itself and got many questioning, kelly, whether u.s. debt continues to be a good investment even if the compromise on the debt ceiling and potential default can be reached. i mean, many are saying, essentially, i want to be out of the u.s. i want to buy gold, i want to buy foreign currency and foreign stocks that are going to hold up better in the event this impasse can't be resolved....
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Jul 29, 2011
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that is still yet to be seen whether or not s&p would downgrade but apparently right now moody's is expecting to affirm that aaa credit rating. >> the key is right now to raise the nation's debt ceiling by tuesday and now it will go to the senate and then back to the house. we'll see if they can work out some kind of compromise. thanks very much. good explanation. let's bring back gloria borger watching this part of the story. you heard senator sharron brown, democrat of ohio, suggest that he's relatively optimistic that this deal can now be worked out not that house has done its job, he thinks cooler heads will prevail in the senate and there can be bipartisan support in the house. >> i think at least now people can start talking to each other about what can be achieved. it's very clear as you know when this goes back to the house, the speaker is probably going to lose half of his caucus any way. he probably only needs a third of it democrats will supply most of the votes to raise the debt ceiling. it gives the speaker a little bit of negotiating room. what the speaker has done with this vot
that is still yet to be seen whether or not s&p would downgrade but apparently right now moody's is expecting to affirm that aaa credit rating. >> the key is right now to raise the nation's debt ceiling by tuesday and now it will go to the senate and then back to the house. we'll see if they can work out some kind of compromise. thanks very much. good explanation. let's bring back gloria borger watching this part of the story. you heard senator sharron brown, democrat of ohio, suggest...
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keep in mind the big ones' going to hear about s & p, and fitch investments and moody's, the troika of terror increasingly at the markets because at the push of one of their financial buttons they could decide to downgrade u.s. debt. that's worried barney frank because he thinks that moody's, for example, jumped the gun hinting it would put debt on review for possible downgrade and others views that these guys have gotten to the deadlines and the ratings agencies are getting antsy and a lot of folks on capitol hill are saying that isn't fair or write. and we've got the democrat from arkansas, senator, what do you think of what barney frank is saying, look, if moody's or s & p want to move that's one thing, but to threaten a potential downgrade n now, just bad timing. >> well, there's no doubt. all of this is bad timing we are in the middle of the session, that's terrible. the bottom line the rating agencies have been around a long time and always treated the u.s. government debt as triple-a. and really the best in the world. >> neil: even though their own track record isn't great. >> n
keep in mind the big ones' going to hear about s & p, and fitch investments and moody's, the troika of terror increasingly at the markets because at the push of one of their financial buttons they could decide to downgrade u.s. debt. that's worried barney frank because he thinks that moody's, for example, jumped the gun hinting it would put debt on review for possible downgrade and others views that these guys have gotten to the deadlines and the ratings agencies are getting antsy and a lot...
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Jul 18, 2011
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moodys suggesting that the debt ceiling should be eliminated to avoid "stability and" and the president met with house speaker john boehner and eric cantor but no deal. the house will spend time whether cutting the balance bill and whether it will veto. joining me is mark zandi and. we talked last week that if it got more serious in washington the markets would get skittish. was today a beginning of nervousness? >> yeah, i think so. i think with each passing day that we don't get an agreement, investors will start to grow increasingly nervous. stock prices will continue to grow south, ultimately interest rates will start to rise. and if we don't get an agreement in the next couple of weeks, the markets will be in turmoil. >> americans say yes, it's absolutely essential that we get a deal before we reach august 2nd and 39% of americans say we could pass the deadline and, in their view, not have economic turmoil. why the mixed message? are people just doing this for their political presence? >> we've never been here before. why would we ever want to take the chance of what would happen to
moodys suggesting that the debt ceiling should be eliminated to avoid "stability and" and the president met with house speaker john boehner and eric cantor but no deal. the house will spend time whether cutting the balance bill and whether it will veto. joining me is mark zandi and. we talked last week that if it got more serious in washington the markets would get skittish. was today a beginning of nervousness? >> yeah, i think so. i think with each passing day that we don't...
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that's after moody's warned if debt talks fail could it downgrade the u.s. credit rating as the debt ceiling debate continues. the dow, nasdaq and s&p 500 all snapped three-day losing streak yesterday but gains were muted after federal reserve chairman ben bernanke said the fed could be open to further stimulus. that injected more uncertainty into already uncertain markets. the fed chief heads back to capitol hill today and speaks in front of the senate banking committee. about 30 minutes after the opening bell at 10:00 a.m. eastern time. a new report says there were about 30% fewer foreclosures in the first half of this year than in the first half of last year. here is the catch p the realty track study says as many as 1 million foreclosures that should happen this year are being delayed until 2012. in reality, many more homeowners are dealing with foreclosures or might be soon. >>> 11,000 borders employees could lose their jobs after $215 million deal with from a private equity firm fell through p np increase it is chance it is bookstore chain will need to
that's after moody's warned if debt talks fail could it downgrade the u.s. credit rating as the debt ceiling debate continues. the dow, nasdaq and s&p 500 all snapped three-day losing streak yesterday but gains were muted after federal reserve chairman ben bernanke said the fed could be open to further stimulus. that injected more uncertainty into already uncertain markets. the fed chief heads back to capitol hill today and speaks in front of the senate banking committee. about 30 minutes...
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credit rating could actually meet as both moody's and s. and p. throw around more threats we're going to fill you in with the latest details of a hunger strike that's going on in california's prisons some say they are willing to die if that's the only way to change the system and the bloated defense budget all that military waste that we talk about all the time today we're going to give you a great example of a project gone wrong that could cost you six hundred billion dollars we're going to have all of that and more in tonight's show including a dose of happy hour but first let's take a look at what the mainstream media has decided to miss. you now there's a lot going on in the world these days but for some reason the mainstream media hasn't gotten the memo that things which are not of actual apocalyptic proportions don't deserve apocalyptic end of the world type names case in point. this is your. peers around in high school that of course the classic highway to hell by ac d.c. later today after weeks of warnings and exile yet again even fears of
credit rating could actually meet as both moody's and s. and p. throw around more threats we're going to fill you in with the latest details of a hunger strike that's going on in california's prisons some say they are willing to die if that's the only way to change the system and the bloated defense budget all that military waste that we talk about all the time today we're going to give you a great example of a project gone wrong that could cost you six hundred billion dollars we're going to...
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what we have is moody's and s & p, saying entities that missed the subprime crisis going and talking about default there's almost soar owe chance we will he' default and have enough money on hand to pay bond holds holders. >> the balance of the republicans is code for no taxes, we are a herriaring a lo of code words. what we're hearing from the president, we are going to spend a lot of money and tax people to death to do so and that's where the impasse is. >> adam said it's a republican plan as oppose today what, a smurf plan? of course it's a republican plan. that he e is why we're talking about it. he said it's a manufactured crisis, rather than-- >> said artificial. >> our credit card gets off, rather than waiting for the unknown time that the world turns its back on us and stops lending money to us, why don't we do something about it now and these republicans in the house were elected to do just what they're doing right now. >> it was kind of odd today. it was odd when you heard about the president talking about the republican congress taking out the checkbook. >> the president,
what we have is moody's and s & p, saying entities that missed the subprime crisis going and talking about default there's almost soar owe chance we will he' default and have enough money on hand to pay bond holds holders. >> the balance of the republicans is code for no taxes, we are a herriaring a lo of code words. what we're hearing from the president, we are going to spend a lot of money and tax people to death to do so and that's where the impasse is. >> adam said it's a...
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think about the rating agencies saying they are going to downgrade our debt, moodies and s&p. think about what they have done in the last ten years. these are the rating agencies that were giving triple a bond ratings to the sub prime mortgages literally a day before the whole thing collapsed. one of the questions i ask investors why does anybody believe anything that moody's and s&p say? they have no credibility when it comes to this. they missed the enroll scandal. they gave triple-a rating to enron before that collapsed. >> shannon: we take it all with a grain of the of salt? >> it would be some what serious if there was a downgrade in the debt because a lot of institutions can only hold triple-a bond ratings. i think a lot of this is just scare tactics to try to get congress to get a deal. i want to see them get a deal. i don't want to see a down grade on the debt. >> shannon: great to see you. >> go usa today. >> shannon: we'll be watching the game after the show. >> thanks to you. >> shannon: harry potter breaking records again. rakes in $92 million in its first day. alm
think about the rating agencies saying they are going to downgrade our debt, moodies and s&p. think about what they have done in the last ten years. these are the rating agencies that were giving triple a bond ratings to the sub prime mortgages literally a day before the whole thing collapsed. one of the questions i ask investors why does anybody believe anything that moody's and s&p say? they have no credibility when it comes to this. they missed the enroll scandal. they gave triple-a...
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s&p, moody's, credit rating, downgrade on the united states. big deal, not a big deal? >> those are the people that gave aaa bond ratings to the bond mortgages two days before they failed. i don't want to to see the credit rating downgraded. i don't think people should listen to credit rating agencies either. >>> making the grade may be easier these days. shocking figures on the grade inflation trend at u.s. colleges. that's next on msnbc sunday. we spend a lot of time on the feed because a chicken is what it eats. [ jim ] this seal verifies we feed my fresh all-natural chickens an all-vegetarian diet including corn, soybeans, and marigolds. no animal by-products. no meat and bone meal. when you put my chicken on the table, you know where it came from. >> announcer: this past year alone there's been a 67% spike in companies embracing the cloud-- big clouds, small ones, public, private, even hybrid. your data and apps must move easily and securely to reach many clouds, not just one. that's why the network that connects, protects, and lets your data move fearlessly throug
s&p, moody's, credit rating, downgrade on the united states. big deal, not a big deal? >> those are the people that gave aaa bond ratings to the bond mortgages two days before they failed. i don't want to to see the credit rating downgraded. i don't think people should listen to credit rating agencies either. >>> making the grade may be easier these days. shocking figures on the grade inflation trend at u.s. colleges. that's next on msnbc sunday. we spend a lot of time on the...
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because s & p and moody's is saying that the u.s. government will fix the problem and they'll start paying out, once again and an immediate 45% cut in cash outlays, if the debt ceiling is loan passed, but you know, the bond markets essentially saying, they expect the government to meet its obligations, but the big picture story, quickly, harrison, those two, the s & p and moody's are saying the two credit ratings, you've got to get a grip on the broad zoom. it's problematic, they don't like the long-term spending, they don't like it at all. they want it to be cut. >> i have to ask a blunt question. a lot of people are not keyed into this. is it crunch time and the scare tactics that everybody is saying it is. >> it is time for people to care. >> basically if we-- let me back up, if we blow past the debt ceiling. it doesn't mean need default, but they would have to start to prioritize their debt and to s & p and moody's, to them, what's called selective default and the u.s. could cure it by starting to do a payout on the bonds and rai
because s & p and moody's is saying that the u.s. government will fix the problem and they'll start paying out, once again and an immediate 45% cut in cash outlays, if the debt ceiling is loan passed, but you know, the bond markets essentially saying, they expect the government to meet its obligations, but the big picture story, quickly, harrison, those two, the s & p and moody's are saying the two credit ratings, you've got to get a grip on the broad zoom. it's problematic, they don't...
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didn't moody's say that it would not downgrade from triple-a but we haven't heard from s&p and why would there be that disparity? >> well, moody's didn't say outright that it would not ongrade. it sort of set the parameters here saying you know what would be real serious spending restraint, you know $4 trillion over ten years is sort of like that benchmark as i alluded. now, you are quite right, they have been very, very cautious in saying what they would do in the event we don't get that figure. they have made it very clear, s&p and other agency that gets a little less fanfare fitch investors that $4 trillion is a figure you hear a great deal. even lost in that thought and i find this interesting, greg, is the details and layout of those spending cuts. if they are more outer term year cuts the markets might scratch their head as are many here, many republicans in particular and saying wait a minute, we agreed to something where the onerous cuts are coming in the future years, obligating future presidents and congress to do what this president and this congress might not do up front. the
didn't moody's say that it would not downgrade from triple-a but we haven't heard from s&p and why would there be that disparity? >> well, moody's didn't say outright that it would not ongrade. it sort of set the parameters here saying you know what would be real serious spending restraint, you know $4 trillion over ten years is sort of like that benchmark as i alluded. now, you are quite right, they have been very, very cautious in saying what they would do in the event we don't get...
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that's why moody and s&p threatened the downgrade. not because of the default. we have revenue to service our debt. it is about the enormous amount of debt we have. we need to deal with that. >> how do you respond to the attacks that you have been dealing with throughoutt the week that even people in the gop, members who are critical about the tea party. how are you responding to the charges >> >> the american people spoke loudd and clearr. they are tired of washington politics and out of the control spending. that's what the movement is about fiscal responsibility . they want to reign in outof control spending . the people spoke loud and clear. we are here to hold washington's feet to the fire. we cannot spend this way. it is not sustainable. >> i know you are taking a lot of heat. >> thank you very having me. >> the house went in resess. but we are not taking our eyes off of the debt debate. we would like to get some in the mix. rick is life in the ohio state fair with one of the top height lightts from highlights. >> and we have kids learning to fish and a sp
that's why moody and s&p threatened the downgrade. not because of the default. we have revenue to service our debt. it is about the enormous amount of debt we have. we need to deal with that. >> how do you respond to the attacks that you have been dealing with throughoutt the week that even people in the gop, members who are critical about the tea party. how are you responding to the charges >> >> the american people spoke loudd and clearr. they are tired of washington...
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moody's and s&p showed this as their intention. interestingly, it is a political judgment as opposed to a financial estimate of whether in fact the government can pay back its debt. nobody thinks there is going to be a tall. these agencies are saying there has been no political will shown they want a long term solution for structural chronic deficits. even if we get a debt ceiling increase whatever form, unless you have that big multi-trillion dollar long term deficit cutting plan and it had teeth i think there's a good chance we get a downgrade. >> shepard: nobody has82 tackled entitlements. >> mostly about statements of intent on both sides. these programs will be curtailed x amount, nothing on paper. >> shepard: i intend to go to the gym, but it is probably not going to happen. and it is also about getting leverage over the other side and the 2012 election. what happens if they >> you around and we do default? does that mean that interest rates go up on everything? that borrowing money is more difficult? the economy grinds to a
moody's and s&p showed this as their intention. interestingly, it is a political judgment as opposed to a financial estimate of whether in fact the government can pay back its debt. nobody thinks there is going to be a tall. these agencies are saying there has been no political will shown they want a long term solution for structural chronic deficits. even if we get a debt ceiling increase whatever form, unless you have that big multi-trillion dollar long term deficit cutting plan and it...
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. >> greta: the threat of moody's and s and p they're going to down grade our rating. right? i don't get it. these are the people who got us into the mess with their rating in the mid 2006, p, 8. why do they have so much po pou -- power? >> that means interest rates goring to go up. a specific amount of money we're going to have not to spend on things. >> greta: what i don't understand is that they, who have failed us so drastically, now, that is a huge contributing factor to the state of the economy why are we now in a position, put the foot on our throat and down grade our credit rate chg will have a huge ramification? like, why are we hostage to these two occasions and organizations? >> because there is a debt of $14 trillion and need to keep borrowing $4 billion per day because we're not responsible in how we spend our money. people don't think they're getting value for money. taxpayers think they're getting ripped off. they don't like it. and look at italy. in two days interest rates there went up a full point. and interest rates go up a percentage point we're $14 trilli
. >> greta: the threat of moody's and s and p they're going to down grade our rating. right? i don't get it. these are the people who got us into the mess with their rating in the mid 2006, p, 8. why do they have so much po pou -- power? >> that means interest rates goring to go up. a specific amount of money we're going to have not to spend on things. >> greta: what i don't understand is that they, who have failed us so drastically, now, that is a huge contributing factor to...
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despite nonsense from moody's and s&p, treasury prices are going up. deals are going down. we have enough money to pay that we have enough money to pay medicare, maybe social security. do we have enough to keep government going forever the size? no. >> you have lost your mine. >> sean: will you get rid of your liberal side for a moment. you are a smart analyst. why would liberals oppose cut, cap and balance? >> because the balanced budget amendment is something we have always opposed forcing you to make drastic cuts. first, it won't pass because it requires 2/3 vote. will not get through the senate. >> sean: 25 democrats on record -- >> i understand but it is not going to get through. you are going to end up with the mcconnell-reid bill. 1.5 trillion in cuts, no taxes. it going to be in two -- [ unintelligible ] 2/3 required to beat him, when he puts forth. the most important part is this debt commission which is mandated for a vote in january. you have to vote -- you know the -- [ talking over each other ] >> gasparino is right. i talked to my congressman today in arkansas
despite nonsense from moody's and s&p, treasury prices are going up. deals are going down. we have enough money to pay that we have enough money to pay medicare, maybe social security. do we have enough to keep government going forever the size? no. >> you have lost your mine. >> sean: will you get rid of your liberal side for a moment. you are a smart analyst. why would liberals oppose cut, cap and balance? >> because the balanced budget amendment is something we have...
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and s&p are asking us to do so this is not a partisan bill. >>neil: but it is weird whoever arranged the meeting with the s&p folks, what they will say is we risk financial armageddon if we default, and the aaa credit rating goes away, association obviously, i would assume it was meant to scare republican members who were there. >>guest: i don't think so. if you read the statements we have from moody and standard & poor it says if we raise the debt element without credible, significant long term deficit reduction, they are going do lower our bond rating so they are not after us just raising the debt limit they know we have to do this. >>neil: all right. putting meat behind it. you have been a critic as you have written in your book, about this sort of facade. when we constantly raise the debt ceiling. we are in this jam because we keep doing this. you go back through administrations, democrat and republican, 17 or 18 times, through the reagan administration alone, to what end? the debt keeps piling up, regardless, and i wonder ... what we solv
and s&p are asking us to do so this is not a partisan bill. >>neil: but it is weird whoever arranged the meeting with the s&p folks, what they will say is we risk financial armageddon if we default, and the aaa credit rating goes away, association obviously, i would assume it was meant to scare republican members who were there. >>guest: i don't think so. if you read the statements we have from moody and standard & poor it says if we raise the debt element without...
SFGTV2: San Francisco Government Television
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moody's previously had as one notch higher than s&p, so now, with the movies in adjustment -- the moody's adjustment, what that means is we are still very much on a roll with the debt. a strong aa. we noticed in the electronic markets, as we're required to do with our material disclosure, and all of our bond documents, for our build america bond revenues. president vietor: commissioner moran. vice president moran: did they state a reason for the downgrade? >> this is on a current basis as well as a projected basis. what movies does is just take them all and line them up in a row, and based on our current level of water sailors and the cumulative fund balance reserves, that made us go into the third notch of aa. vice president moran: and was the size of the balancing accounts an issue there? >> they factor in all of the cash we have available. and also noticed a long term strength of the economics. we cannot fall out of sync. the willingness of the commission to adopt the rate increases that were needed and the cost management, the efficiencies. they did give us a lot of credit strength, w
moody's previously had as one notch higher than s&p, so now, with the movies in adjustment -- the moody's adjustment, what that means is we are still very much on a roll with the debt. a strong aa. we noticed in the electronic markets, as we're required to do with our material disclosure, and all of our bond documents, for our build america bond revenues. president vietor: commissioner moran. vice president moran: did they state a reason for the downgrade? >> this is on a current...